Reliance Industries said Sunday the investment arm of Qualcomm will buy a stake of 0.15 percent in its Jio digital platforms for 730 crores ($97.1 million). The partnership with Jio Platforms, the unit which comprises Reliance’s JioInfocomm business, will implement advanced 5G infrastructure and services for Indian clients, according to Reliance, in a statement.
The investment of Qualcomm will come as India plans to auction 5G airwaves to telecoms service providers.
With the latest investment Reliance has offered Jio Network’s 25.2% to the investors, which raised $15.69 billion (approximately Rs. 1.17 lakh crores), in an investment boom that started at the end of April.
While Jio Platforms also contains music and movie apps from Reliance, its primary focus is JioInfocomm, the telecommunications service.
Mukesh Ambani has always pitched JioInfocommas a tech companyin place of a traditional telecom company.
This allowed Ambani to gain the funding of major technology companies including Facebook, Intel, and Qualcomm.
